BWS

Cấp nước Bà Rịa - Vũng Tàu ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 34.44%, −1.54pp YoY

Price

34,000

Latest close

03 Jun 2026

P/E 12.92x

P/B 2.94x

EPS 2,633

BVPS 11,555

ROE 23.1%

ROA 21.4%

Profit Margin 34.4%

Asset Turnover 0.62x

Equity Mult. 1.08x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, BWS is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 764bn
	                                
+3.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 263bn
	                                
−1.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	752.6	744.6	682.5	680.5	629.0
Growth	+1%	+9%	+0%	+8%	—
Net Income	261.3	254.7	232.5	191.7	196.5
Net Margin	34.72%	34.21%	34.06%	28.16%	31.25%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	193.4	179.5	200.2	191.3	181.6	178.0	186.0	195.5	187.3	161.6	173.3	182.1
Growth	+8%	-10%	+5%	+5%	+2%	-4%	-5%	+4%	+16%	-7%	-5%	—
Net Income	61.8	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2
Net Margin	31.94%	27.06%	40.25%	37.82%	36.57%	26.03%	40.81%	39.92%	36.03%	30.29%	36.06%	46.25%

Drivers of BWS's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 19.0bn

Financial income ↑ 1.5bn

Selling expenses ↑ 13.4bn

Administrative expenses ↑ 9.7bn

Other profit ↓ 1.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Gross profit ↑ 15.7bn

Financial income ↓ 11.6bn

Administrative expenses ↑ 6.2bn

Other profit ↓ 1.5bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.9% = 36.0% × 0.61 × 1.09

2026Q1 23.1% = 34.4% × 0.62 × 1.08

ROE fell from 23.9% to 23.1% — net margin weakened the most, though asset turnover still provided support.

Net margin: 34.4% -1.5pp Asset turnover: 0.62x +0.01x Leverage: 1.08x -0.01x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 34.44%, losing 1.5pp. The main pressure is SG&A / Revenue rose 2.3pp, outweighing the improvement in Gross margin rose 0.7pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 34.44% −1.5pp

Gross Margin 58.86% +0.7pp

SG&A / Revenue 26.68% +2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 23.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 23.88%, falling 0.9pp. That translates to 23.88 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.4pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 23.88% −0.9pp

NOPAT Margin 33.03% −1.4pp

Capital Turnover 0.72x +0.00x

Average Invested Capital 1,057.2bn +28.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.07x equity.

Over the last 12 months, working capital absorbed 27.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −22.1bn

Inventories increased → lower CFO: −7.3bn

Payables increased → higher CFO: +1.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.1 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO rose 2.8 days, and DPO fell 4.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +2.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 8.2 days +2.8 days

Inventory 56.3 days +1.0 days

Payables 18.7 days −4.3 days

Cash Conversion Cycle 45.8 days +8.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 298.5bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 62.3% of total debt, cash equals 997.6% of debt, and total debt stands at 9.6bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 62.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.07x −0.00x

Interest Coverage — —

Cash / Debt 997.6% +81.6pp

Short-term Debt / Total Debt 62.3% +1.6pp

CFO / NI 1.21x +1.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 298.5bn in 2025, against investing cash flow of -95.6bn.

Post-investment cash flow was positive +202.8bn. Financing cash flow was negative +298.1bn.

CFO / net income was 1.21x.

After spending +130.6bn on fixed-asset investment, the business generated trailing free cash flow of +187.6bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 318.2bn +318.2bn

Cash Capex 130.6bn +130.6bn

FCF TTM +187.6bn +187.6bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.5 pp. The next watchpoint is capital efficiency, with ROIC at 23.9%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.21x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.21x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 34.44% after a 1.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	752.6	744.6	682.5	680.5	679.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	752.6	744.6	682.5	680.5	629.0
Cost of Goods Sold	320.4	308.6	324.7	310.0	0.0
Gross Profit	432.2	436.0	357.8	370.5	294.8
Financial Income	46.8	24.7	36.7	18.7	18.2
Financial Expenses	0.0	0.0	0.0	0.5	-0.2
Interest Expense	0.0	0.0	0.0	0.5	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	102.6	83.3	62.7	118.1	-55.0
General and Administrative Expenses	99.5	93.1	75.4	71.3	-38.8
Operating Profit	276.9	284.4	256.3	199.3	218.9
Other Income	26.1	11.8	12.7	18.6	0.0
Other Expenses	12.5	11.5	10.9	3.2	0.0
Other Profit	13.5	0.3	1.7	15.4	0.6
Profit Before Tax	290.4	284.7	258.0	214.7	219.5
Current Income Tax Expense	29.1	30.0	25.5	23.0	-23.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	261.3	254.7	232.5	191.7	196.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	261.3	254.7	232.5	191.7	196.5
Earnings per Share	2,286.00	2,227.00	2,239.00	1,810.00	2,183.79
Diluted EPS	2,286.00	2,227.00	2,239.00	1,810.00	2,183.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	321.9	367.4	237.6	223.1	300.0
I. Cash and cash equivalents	57.3	152.6	30.3	69.1	60.6
1. Cash	29.3	8.3	12.3	8.6	0.0
2. Cash equivalents	28.0	144.3	18.0	60.5	0.0
II. Short-term financial investments	176.8	152.1	86.2	11.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	176.8	152.1	86.2	11.8	0.0
III. Short-term receivables	22.2	13.6	53.5	89.8	30.2
1. Short-term trade accounts receivable	15.3	8.8	9.6	14.3	0.0
2. Short-term prepayments to suppliers	3.5	2.0	2.1	6.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	41.0	70.0	0.0
6. Other short-term receivables	3.8	3.2	1.5	0.5	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.7	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	52.4	45.0	55.9	47.2	52.8
1. Inventories	52.4	45.0	55.9	47.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.1	4.0	11.7	5.1	11.6
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.8	5.1	0.0
3. Taxes and other receivables from state authorities	13.1	4.0	11.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	919.1	893.7	876.4	902.0	863.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	757.2	749.5	760.2	623.8	479.5
1. Tangible fixed assets	755.6	748.6	759.1	622.6	479.0
- Cost	2,053.1	1,984.0	1,927.8	1,698.1	0.0
- Accumulated depreciation	-1,297.5	-1,235.4	-1,168.7	-1,075.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.6	0.9	1.1	1.2	0.6
- Cost	4.0	3.2	3.2	3.2	0.0
- Accumulated depreciation	-2.4	-2.2	-2.1	-2.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	52.6	42.4	38.3	220.1	309.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	52.6	42.4	38.3	220.1	0.0
V. Long-term financial investments	55.5	55.5	55.5	55.5	75.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	28.6	28.6	28.6	28.6	0.0
3. Investments in other entities	26.9	26.9	26.9	26.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	53.8	46.3	22.5	2.7	0.0
1. Long-term prepayments	53.8	46.3	22.5	2.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,241.0	1,261.0	1,114.0	1,125.1	1,163.9
A. LIABILITIES (300=210+330)	147.2	194.0	69.4	75.8	138.9
I. Short -term liabilities	143.6	190.1	65.1	71.3	132.9
1. Short-term trade accounts payable	6.7	5.2	12.4	13.5	50.6
2. Short-term advances from customers	6.3	3.2	2.0	1.2	12.4
3. Taxes and other payables to state authorities	57.0	10.2	3.8	10.2	0.0
4. Payable to employees	37.0	33.5	31.8	28.2	0.0
5. Short-term acrrued expenses	8.0	2.7	0.9	9.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.2	119.9	5.0	2.1	0.0
10. Short-term borrowings and financial leases	6.0	5.7	5.3	5.0	4.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	14.4	9.6	4.0	1.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.6	3.9	4.2	4.6	6.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	3.9	4.2	4.6	4.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,093.8	1,067.0	1,044.7	1,049.3	1,024.9
I. Owner's equity	1,093.8	1,067.0	1,044.7	1,049.3	0.0
1. Owner's capital	1,000.1	1,000.1	900.0	900.0	1,024.9
- Common stock with voting right	1,000,075,690,000.00	1,000,075,690,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	91.4	54.8	116.7	53.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2.3	12.1	28.0	96.3	101.7
- Accumulated retained earning at the end of the previous period	0.3	9.6	4.5	5.3	1.2
- Undistributed earnings in this period	2.0	2.5	23.5	90.9	100.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,241.0	1,261.0	1,114.0	1,125.1	1,163.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	290.4	284.7	258.0	214.7	219.5
Depreciation of Fixed Assets and Investment Property	95.9	98.3	113.7	107.2	98.0
Provision (Increase)/Reversal	-0.0	-0.3	0.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-46.3	-24.7	-35.7	-18.6	0.0
Interest Expense	0.0	0.0	0.0	0.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	339.9	358.0	336.7	303.8	302.3
Increase/(Decrease) in Receivables	-14.2	8.0	-0.3	10.2	0.0
Increase/(Decrease) in Inventory	-7.3	10.9	-8.7	5.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.4	14.0	6.1	-48.9	0.0
Increase/(Decrease) in Prepaid Expenses	-7.6	-23.8	-19.8	-2.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	-0.5	0.0
Corporate Income Tax Paid	-38.0	-23.0	-40.5	-24.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-29.8	-26.7	-27.7	-45.1	0.0
Net Cash Flow from Operating Activities	298.5	317.4	245.9	198.0	190.6
Payments for Fixed Assets and Other Long-term Assets	-116.6	-93.9	-70.7	-157.8	-293.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.4	0.0	0.0	0.0	0.8
Loans and Purchases of Debt Instruments	-342.6	-334.9	-133.2	-311.1	-449.5
Receipts from Loan Repayments and Sale of Debt Instruments	317.9	310.0	87.8	375.8	499.3
Investments in Other Entities	—	0.0	0.0	-7.1	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	46.0	23.1	35.8	20.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-95.6	-95.7	-80.3	-79.4	-239.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	12.7	0.0	0.0	79.0	0.0
Repayment of Borrowings	-12.7	0.0	0.0	-79.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-298.1	-99.4	-204.4	-135.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-298.1	-99.4	-204.4	-135.0	0.0
Net Cash Flow During the Period	-95.2	122.3	-38.9	-16.4	90.9
Cash and Cash Equivalents at Beginning of Period	152.6	30.3	69.1	85.5	280.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	57.3	152.6	30.3	69.1	232.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	193.4	179.5	200.2	191.3	181.6	198.7	203.4	203.8	205.1	169.0	186.8	189.8
Revenue Deductions	—	—	—	—	—	20.7	17.4	8.2	17.8	7.4	13.6	7.7
Net Revenue	193.4	179.5	200.2	191.3	181.6	178.0	186.0	195.5	187.3	161.6	173.3	182.1
Cost of Goods Sold	75.6	81.2	79.8	77.9	79.5	77.7	73.4	79.7	77.2	81.9	75.6	83.6
Gross Profit	117.8	98.3	120.4	113.4	102.1	100.3	112.6	115.9	110.1	79.7	97.7	98.5
Financial Income	2.7	15.9	14.4	2.7	14.3	3.3	14.3	2.3	4.9	15.6	2.9	16.2
Financial Expenses	—	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	23.7	26.2	27.6	25.0	23.5	26.6	19.5	19.5	16.8	17.2	15.5	9.2
General and Administrative Expenses	27.8	31.7	17.7	24.2	21.6	23.1	23.2	24.0	22.9	23.2	15.9	17.7
Operating Profit	69.0	56.3	89.4	66.9	71.4	53.9	84.2	74.7	75.3	54.9	69.2	87.8
Other Income	3.2	3.8	3.2	18.1	1.8	3.0	2.4	16.1	0.0	3.3	3.0	5.9
Other Expenses	3.0	6.8	3.9	2.5	0.2	4.9	3.1	2.1	0.0	4.7	2.3	1.1
Other Profit	0.2	-3.0	-0.7	15.6	1.7	-1.9	-0.7	14.0	-0.0	-1.5	0.7	4.8
Profit Before Tax	69.2	53.2	88.7	82.6	73.0	52.0	83.5	88.7	75.2	53.4	69.9	92.6
Current Income Tax Expense	7.4	4.7	8.1	10.2	6.6	5.7	7.6	10.6	7.8	4.4	7.4	8.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	61.8	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	61.8	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2
Earnings per Share	617.67	485.74	805.72	723.41	664.05	463.27	759.27	867.42	749.61	543.94	694.18	935.73
Diluted EPS	617.67	485.74	805.72	723.41	664.05	463.27	759.27	867.42	749.61	543.94	694.18	935.73

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	331.2	330.6	357.0	280.4	326.2	381.0	364.8	398.3	333.2	263.4	320.5	371.6
I. Cash and cash equivalents	95.7	83.5	117.7	42.7	87.9	152.6	78.2	199.2	108.8	20.3	114.4	232.7
1. Cash	57.3	29.3	20.8	19.7	13.9	8.3	16.4	18.5	27.6	12.3	15.8	11.7
2. Cash equivalents	38.4	54.2	96.9	23.0	74.0	144.3	61.8	180.7	81.2	8.0	98.6	220.9
II. Short-term financial investments	145.3	150.6	153.8	166.6	166.6	152.1	218.2	111.7	112.4	96.2	61.5	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	145.3	150.6	153.8	166.6	166.6	152.1	218.2	111.7	112.4	96.2	61.5	0.0
III. Short-term receivables	30.6	22.6	31.2	23.7	19.2	24.0	17.9	33.8	58.8	79.3	101.7	99.7
1. Short-term trade accounts receivable	22.0	15.7	23.2	12.1	12.5	9.1	10.7	7.9	9.6	9.6	20.1	20.5
2. Short-term prepayments to suppliers	5.7	3.5	4.8	4.2	2.4	2.0	2.2	3.9	4.5	3.4	5.2	3.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	2.0	0.0	20.0	41.0	50.0	60.0
6. Other short-term receivables	3.2	3.8	3.6	7.7	4.7	13.2	3.7	22.7	25.4	25.3	27.3	16.8
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.7	-0.7	-0.7	0.0	-1.0	-1.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	52.3	52.3	42.1	47.1	44.6	45.0	50.4	53.6	49.4	56.0	42.9	39.2
1. Inventories	52.3	52.3	42.1	47.1	44.6	45.0	50.4	53.6	49.4	56.0	42.9	39.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.2	21.4	12.1	0.3	7.8	7.3	0.0	0.0	3.7	11.6	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.2	7.2	—	0.0	0.3	0.0	0.0	0.0	0.0	1.1	0.0	0.0
3. Taxes and other receivables from state authorities	7.1	14.2	12.1	0.2	7.5	7.3	0.0	0.0	3.7	10.5	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	909.7	923.4	914.6	902.1	896.2	890.8	886.2	882.2	879.7	876.4	879.8	885.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	770.0	757.2	738.1	749.0	753.0	750.1	744.5	719.4	736.8	760.2	550.5	568.9
1. Tangible fixed assets	768.5	755.6	737.0	747.9	751.6	749.1	743.6	718.4	735.8	759.1	549.4	567.7
- Cost	2,089.9	—	—	—	—	1,974.2	1,966.1	1,936.4	1,929.5	1,927.8	1,688.4	1,701.1
- Accumulated depreciation	-1,321.4	—	—	—	—	-1,225.1	-1,222.5	-1,218.1	-1,193.7	-1,168.7	-1,139.0	-1,133.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.5	1.6	1.1	1.1	1.4	0.9	1.0	1.0	1.0	1.1	1.1	1.1
- Cost	4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	29.8	52.6	57.9	42.1	39.9	42.4	45.4	72.5	57.6	38.3	254.8	251.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	52.6	57.9	42.1	39.9	42.4	45.4	72.5	57.6	38.3	254.8	251.3
V. Long-term financial investments	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	50.1
3. Investments in other entities	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	5.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	54.5	58.1	63.1	55.6	47.8	42.9	40.8	34.8	29.7	22.5	19.1	10.1
1. Long-term prepayments	54.5	58.1	63.1	55.6	47.8	42.9	40.8	34.8	29.7	22.5	19.1	10.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,240.9	1,253.9	1,271.5	1,182.5	1,222.3	1,271.9	1,251.0	1,280.5	1,212.9	1,139.7	1,200.4	1,257.4
A. LIABILITIES (300=210+330)	85.4	156.5	108.0	98.3	99.0	94.3	97.8	100.3	100.7	96.8	110.7	93.0
I. Short -term liabilities	81.7	152.9	104.2	94.5	95.3	90.4	93.7	96.2	96.5	92.6	106.3	88.6
1. Short-term trade accounts payable	10.0	6.7	7.0	6.5	22.2	5.2	13.4	10.3	16.9	13.7	12.6	5.3
2. Short-term advances from customers	6.7	6.7	1.0	1.4	0.3	3.5	3.7	0.0	2.0	2.0	1.2	0.3
3. Dividends and profits payable	5.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.0	63.7	37.4	17.5	11.0	10.2	16.4	16.8	10.4	4.1	18.6	18.1
4. Payable to employees	21.3	42.4	36.5	31.6	22.8	35.5	26.4	23.1	18.4	31.8	25.7	20.5
5. Short-term acrrued expenses	5.5	8.0	6.0	5.8	5.2	0.8	5.6	5.9	1.9	0.9	5.2	30.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	2.4	2.4	0.0	0.0	0.0
9. Other short-term payables	6.2	10.4	8.3	12.5	21.8	19.9	21.0	25.1	39.1	28.8	28.6	4.0
10. Short-term borrowings and financial leases	6.0	6.0	5.8	13.3	5.8	5.7	5.5	5.5	5.3	5.3	5.2	5.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.0	8.9	2.4	5.7	6.0	9.6	1.7	7.1	0.0	6.0	9.3	5.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.6	3.6	3.8	3.8	3.8	3.9	4.1	4.1	4.2	4.2	4.4	4.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	3.6	3.8	3.8	3.8	3.9	4.1	4.1	4.2	4.2	4.4	4.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,155.6	1,097.4	1,163.5	1,084.2	1,123.3	1,177.6	1,153.2	1,180.2	1,112.1	1,042.9	1,089.7	1,164.4
I. Owner's equity	1,155.6	1,097.4	1,163.5	1,084.2	1,123.3	1,177.6	1,153.2	1,180.2	1,112.1	1,042.9	1,089.7	1,164.4
1. Owner's capital	1,000.1	1,000.1	1,000.1	1,000.1	1,000.1	1,000.1	1,000.0	900.0	900.0	900.0	900.0	900.0
- Common stock with voting right	1,000,075,690,000.00	1,000,075,690,000.00	1,000,075,690,000.00	1,000,075,690,000.00	1,000,075,690,000.00	1,000,075,690,000.00	1,000,008,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	91.4	54.8	54.8	16.6	16.6	16.6	16.7	116.7	116.7	115.8	81.8	81.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	64.1	42.6	108.6	67.6	106.6	160.9	136.6	163.6	95.5	27.1	107.9	182.6
- Accumulated retained earning at the end of the previous period	2.3	12.1	12.1	40.2	50.2	9.6	9.6	4.5	4.5	4.1	4.1	68.4
- Undistributed earnings in this period	61.8	30.4	96.5	27.3	56.4	151.3	126.9	159.1	91.0	23.0	103.8	114.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,240.9	1,253.9	1,271.5	1,182.5	1,222.3	1,271.9	1,251.0	1,280.5	1,212.9	1,139.7	1,200.4	1,257.4

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	69.2	136.5	80.8	73.0	0.0	-149.8	74.6	75.2	258.0	-141.2	91.3	49.8
Depreciation of Fixed Assets and Investment Property	24.0	47.3	23.9	24.7	0.0	-49.5	24.4	25.1	113.7	-57.8	28.2	29.6
Provision (Increase)/Reversal	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-28.9	-5.6	-11.8	0.0	7.2	-4.2	-2.9	-35.7	18.2	-18.2	0.0
Interest Expense	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	93.2	154.9	99.1	85.9	0.0	-192.1	94.7	97.4	336.7	-180.8	101.4	79.4
Increase/(Decrease) in Receivables	-8.0	-14.5	5.7	-5.4	0.0	-8.1	34.2	-26.1	-0.3	0.1	-18.3	18.3
Increase/(Decrease) in Inventory	0.0	-5.3	-2.5	0.4	0.0	-2.3	-4.2	6.5	-8.7	-8.2	8.8	-0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-53.8	69.9	77.2	-91.7	0.0	-6.5	-28.5	35.0	6.1	-11.3	5.5	5.8
Increase/(Decrease) in Prepaid Expenses	-0.7	3.6	-9.6	-1.6	0.0	11.5	-4.2	-7.2	-19.8	7.5	-10.1	2.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.7	-3.7
Corporate Income Tax Paid	—	-28.0	0.0	-10.0	0.0	0.5	0.0	-0.5	-40.5	9.0	-5.0	-4.0
Other Operating Receipts	0.5	—	—	—	0.0	0.0	-0.3	0.3	0.0	0.0	-80.7	80.7
Other Operating Payments	-11.5	-4.9	-106.0	81.0	0.0	6.8	-3.1	-3.8	-27.7	9.5	18.7	-28.3
Net Cash Flow from Operating Activities	19.7	175.7	63.7	59.0	0.0	-190.3	88.6	101.7	245.9	-174.1	23.9	150.2
Payments for Fixed Assets and Other Long-term Assets	-14.0	-67.9	-24.2	-24.5	0.0	43.8	-22.7	-21.1	-70.7	36.3	3.0	-39.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-1.2	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0	2.1	-2.1
Loans and Purchases of Debt Instruments	-101.7	-194.5	0.0	-148.1	0.0	153.3	-66.1	-87.2	-133.2	10.0	128.6	-138.6
Receipts from Loan Repayments and Sale of Debt Instruments	133.2	184.3	0.0	133.6	0.0	-168.8	86.8	82.0	87.8	-25.8	-55.6	81.4
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.2	30.1	8.7	7.3	0.0	-6.9	3.8	3.2	35.8	-3.9	3.6	0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	18.7	-49.3	-14.7	-31.7	0.0	21.4	1.7	-23.1	-80.3	16.6	81.7	-98.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	12.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-7.5	-5.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-104.3	-101.7	-92.0	0.0	0.0	0.0	0.0	-204.4	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-111.9	-94.2	-92.0	0.0	0.0	0.0	0.0	-204.4	0.0	0.0	0.0
Net Cash Flow During the Period	38.4	14.6	-45.2	-64.7	0.0	-168.9	90.4	78.5	-38.9	-157.5	105.6	51.9
Cash and Cash Equivalents at Beginning of Period	57.3	152.6	87.9	152.6	0.0	0.0	30.3	30.3	69.1	0.0	69.1	81.0
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	95.7	57.3	42.7	87.9	0.0	0.0	199.2	108.8	30.3	0.0	226.6	132.9

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BWS

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow